Bayelsa State Government and its foreign partners have endorsed an agreement to float an N3.9bn aquaculture project in the state.
The Commissioner for Agriculture and Natural Resources, Dr. Thomas Commander, revealed that the project involved construction of fish farms, fish processing and storage facilities.
Commander Thomas, who revealed the government would invest N1.17bn in the project while the foreign partners would commit N2.73bn, also said the deal had been concluded and the pact sealed with the foreign technical partners.
Speaking on the importance of the project, Dr. Thomas described the project as a giant leap to diversify the economy from oil and gas for the storage facilities when constructed in the state would boost food production for local consumption and export.
He noted that P and R International, which is one of the partners, is to establish a fish farm with a capacity of about 1500 metric tones of Cat fish with 500 metric tons of tilapia making a total of 2000 metric tons of fish per annum, and has been asked in view of the volume of fish that will be produced to establish a fish processing factory with a capacity of 2500 Metric Tonnes and a Cold Storage Facility
“The three components amount to 24 million US dollars with a naira equivalent of about N3.9bn. That is the cost, but this amount is to be shared across three important components- fish farm, fish processing factory and the cold storage facility which, has never happened in Nigeria. So it is cost effective and we are sure that we have done the best thing,” he stated.
“In this amount, 30% is what the state is going to pay while the partners are going to source for 70% of this fund. However, there is an agreement that whatever they bring in will be paid back over 24 months,” he further explained.
He also noted that the government would embark on massive rice, cassava, banana, fisheries and aqua- culture production, adding that the State government is making frantic efforts in revamping the Peremabiri, Isampou and Kolo farms for commercial rice production.
